If you’ve been holding Btc this year (in a wallet that you posses the Private Keys to), you may now also be a holder of Bitcoin Cash (BCH) and Bitcoin Gold (BTG). You may also soon receive Bitcoin Diamond (BCD), Super Bitcoin (SBTC), Bitcoin Platinum (BTP), Bitcoin Lightning (LBTC), Bitcoin God (GOD), Bitcoin Cash Plus (BCP), Bitcoin Uranium (BUM), Bitcoin Silver (BTSI), AND Bitcoin X (BCX). Wow!
What the Fork am I Talking About?
This has happened as a result of forking. WTF? If you’ve been reading about Blockchain Technology you are aware that it is the technology on which Bitcoin functions. The computer coding containg all of the ‘laws’ or protocols allowing it to function as well as the ledger of transactions processed in blocks which then form a chain… of blocks.
You may remember Jamie Dimon, CEO of J.P.Morgan slamming Bitcoin as merely a tool for criminals and Money Launderers.
He also stated that he was not going to comment on the Cryptocurrency any more.
After J.P.M’s latest bust for ‘money laundering’ (yet another notch in their long line of fiduciary f..k up’s and outright crime, which taxpayers pay innumerable bureaucrats in innumerable agencies, such as the SEC, to guard us against), perhaps no comment is needed.
Except in court I hope. (Yeah right, as if).
After scrapping the national currency in 2009 when its inflation rate soared to an unbelievable 89 sextillion percent, Zimbabwe turned to foreign currencies … now, the African country is facing an unprecedented cash crunch leaving many to search for a solution.
At the end of 2016, Zimbabwe’s central bank began issuing “bond notes,” or “bollars,” a paper currency-like note officially carrying the same value as the U.S. dollar. Backed by a loan of US$200 million from the African Import Bank, the notes were created in an attempt to ease shortages of U.S. dollars and South African rand.
By Tyler Durden – Zero Hedge
No matter what Jamie Dimon may say, bitcoin’s durability can be expressed by one simple fact: With a market cap of $100 billion, digital currencies have become too big for banks to ignore.
As Bloomberg recalls in a story about how banks are preparing to confront the thorny regulatory issues related to dealing in bitcoin and other digital currencies, on the same day Dimon trashed bitcoin, calling it a “fraud,” his firm’s private bank hosted a panel featuring cryptocurrency investors, and even helped some wealthy clients transact in a bitcoin exchange-traded product listed in Stockholm, raising questions about whether the bank violated its fiduciary duty in doing so.
Dimon isn’t the only one of his peers to harbor reservations about bitcoin. Bridgewater Associates’ Ray Dalio and BlackRock’s Larry Fink have criticized it as a “bubble” and a “a tool used by criminals.” Morgan Stanley CEO James Gorman defended bitcoin, arguing that it is “more than just a fad.”
But with clients demanding bitcoin exposure in greater numbers, banks have little choice but to assent to their demands, like JPM did. Goldman’s tentative embrace of bitcoin has so far also been the most ambitious, with the firm saying it is considering opening a bitcoin-trading business that would function like an interdealer broker for exchanges and large players.
Two days ago, Goldman CEO Lloyd Blankfein tweeted that he’s still on the fence about bitcoin, and that he’s “not endorsing or rejecting” the digital currency.
[Read: We still havent figured out a way to hijack it yet]
Thats right you heard correctly. A Frikin Country! You know, with land, people, infrastructure..
By Amy Castor – Bitcoin Magazine
Imagine a country where you could live free without a central government telling you who to be, what to do and how to act. Roger Ver [AKA Bitcoin Jesus], does, and he is inviting people to join him on a ground level in plans for creating a libertarian utopia.
Ver, who is founding the project along with Olivier Janssens, another early Bitcoin investor, stated he has already raised $100 million, but hopes to raise plenty more. “We were planning to have an ICO, but the regulators have kind of gotten in the way of that at the moment…we are working out the details as to how people can participate directly,…Thanks to cryptocurrencies, now there is a way to fundraise for people all over the world who are interested in this. Myself and my other friends all have a fair amount of capital now because of cryptocurrency. Dying with a pile of money isn’t any fun, so let’s make the world a better place”.
“….instead of laws, there will be guidelines similar to what someone might agree to before joining a condominium homeowner’s association. Everybody can do whatever they want within the guidelines, and they will be agreeing to the guidelines by the time they purchase in. There will not be a government. It will all be private institutions and private organizations,”
The idea is to purchase land from a government that will allow sovereign behavior. “…I think the main answer is there isn’t going to be some centralized institution imposing these rules. That is what we are trying to escape.” He also emphasized that there would be no taxes. People would need to raise money for roads and other projects on their own.
By Tyler Durden – Zero Hedge
“Venezuela was one of the richest per-capita nations in the world… but now, hyperinflation is a very difficult thing to understand until you have to buy lunch…. we are starting to see in Venezuela, the first bitcoinization of a sovereign state.”
..as oil prices continued their descent and Maduro’s mismanagement of the country’s economy intensified, Venezuelans chose a new way to protect themselves financially…”Bitcoin is a way of rebelling against the system.”
The Venezuelan government began to crack down on the Bitcoin community, with police extorting citizens for “misusing electricity” or undermining the country’s economy. With the collapse of the economy, Venezuelans are running out of options. Bitcoin could come as a saving grace to many people. It has kept food on the tables of families, helped Venezuelans escape the distraught nation, and acted as a voice of rebellion against the oppressive government. But how Maduro’s regime will proceed remains to be seen.
Why is this happening?
Take a look at this chart.
It looks like the growth curve of some Cryptocurrency right?
It is actually the growth curve of the Venezuelan central bank’s balance sheet! (Thats not GOOD growth BTW).
“This chart is really amazing to see– the Venezuelan central bank’s balance sheet literally TRIPLED in a SINGLE MONTH between April and May of this year…They keep printing more and more money, to the point that the currency has become totally worthless…
Chalk up another victory for socialism and central planning”.
The ‘Black’/Free Market will rise in direct proportion to the inefficiencies of the planned market.
I’m betting that as more and more Central Banks begin to display such ‘growth’ in their balance sheets – we will see similar, and proportionally, corresponding (real) growth in Cryptocurrencies.
By Simon Black – Soverign Man
Just today I received a payment to the bank account of our agriculture company here in Chile; the wire transfer originated in the United States, yet took three days to arrive. Along the way, the banks took around $500 in fees. Around $150 of that was the wire transfer fees charged by the sending bank, receiving bank, and correspondent bank, plus another $40 in fees charged by SWIFT, the international payment messaging service.
On top of that, the sending bank charged a fat fee to convert the funds from dollars to pesos even though we explicitly instructed them to NOT convert. Then the receiving bank charged another fat fee to fix the mistake and convert the funds back from pesos to dollars. Unbelievable.
A cryptocurrency payment over the blockchain, on the other hand, would have taken minutes… maybe an hour or two at most. And cost less than $1. As I’ve ranted about in the past, the crypto market is full of bubblicious irrationality at the moment. But the underlying technology is still revolutionary and highly disruptive. But crypto’s power and potential is not in conflict with gold. Both represent a decentralized form of money. Both represent an alternative to the banking and monetary system.
By Tyler Durdan – Zero Hedge
Since its current world-beating bull run began in late 2015, bitcoin has surmounted a series of pitfalls that were supposed to kill the market. The list is remarkably long. The DAO hack. The PBOC crackdown. The ICO craze. The SEC’s rejection in March of two proposed bitcoin ETFs. And, most recently, the network split that spawned bitcoin cash. All were supposed to burst the roaring valuation bubble, yet in almost every example, a temporary pullback was followed by another leg higher.
Considering that it was the culmination of three years of acrimonious infighting among bitcoin core devs and the miners, the August split – particularly the market reaction – was surprisingly cavalier. Now, the faith of bitcoin investors is being tested once again as key players in the market are warning that another network split could create a third version of bitcoin as soon as November.